REALTOR, FAITH NICOLE 4-MINUTE READ
FEBRUARY 11 2023
Yes, it is possible to purchase a house with $0 down payment in Texas. There are several programs and options available for homebuyers that allow for little to no down payment, such as:
USDA Rural Development Loan: This loan program, offered by the U.S. Department of Agriculture, provides financing for low- and moderate-income homebuyers in rural areas. The program requires no down payment, and there is no minimum credit score requirement.
VA Loans: If you are a veteran, active duty military member, or surviving spouse, you may be eligible for a VA loan. These loans, backed by the U.S. Department of Veterans Affairs, require no down payment and offer competitive interest rates.
FHA Loans: Federal Housing Administration (FHA) loans are a popular option for homebuyers who do not have a lot of money saved for a down payment. FHA loans require a minimum down payment of just 3.5% of the purchase price, and there is a 550 minimum credit score requirement. This downpayment can be covered with downpayment assistance.
Down Payment Assistance: Overall, down payment assistance can be a valuable resource for homebuyers, helping them bridge the financial gap and realize their dream of homeownership. It's essential for prospective buyers to request an updated list of available programs in their area from their Realtor. With the help of your agent, explore your eligibility to take advantage of this assistance and make the homebuying process more affordable.
HomeReady and Home Possible Loans: These are affordable mortgage options offered by Freddie Mac and Fannie Mae for low- to moderate-income homebuyers. Homebuyers may be able to qualify for these loans with as little as 0% down.
State & County Grants: Inquire with your realtor about the various state and county-funded assistance programs available in your locality. Texas and the City of Houston offer a wide array of options aimed at facilitating greater homeownership among its residents.
It is important to note that while these programs allow for little to no down payment, they may have specific eligibility requirements and come with certain fees and charges. You should carefully consider the terms and conditions of any loan program and shop around with the guidance your trusted real estate proffesional before committing to a lender.
At Faith Nicole Realty, our preferred lenders offers 100% financing coupled with down payment assistance programs. These programs have specific requirements set by the Federal Housing Administration (FHA), including:
The loan can only be used for purchasing a property.
A minimum credit score of 580 for FHA down payment assistance.
No requirement for the borrower to be a first-time homebuyer.
Co-borrowers who are not occupying the property are allowed, as per FHA guidelines.
The debt-to-income (DTI) ratio must meet the criteria set by Automated. Underwriting System (AUS) and be eligible for approval.
If you are ready to purchase your first, second, or tenth home with 0 money down, let's get started!
For expert guidance and personalized strategies in real estate investing, reach out to us at 832-314-2713. Let's embark on this journey together and unlock the full potential of your real estate endeavors.
Faith Nicole, Your Local Luxury Realtor®
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